First FUNC

Competitive advantage analysis · financial-services

Bank Specialized
Overall moat score
65/100
Moderate

Ranked against 399 peers in Banks - Regional

About First

First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals in the United States. It operates through Community Banking and Wealth Management segments. The company offers various deposit products, such as checking, savings, money market, individual retirement (IRA), employee benefit, and health savings … Full FUNC analysis →

Key strengths

  • Strong Deposit Franchise Deposit franchise strength is evident (profitability score 0.71).
  • Disciplined Risk Management Risk management appears disciplined (asset quality score 0.72).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Deposit Franchise

Moderate
61
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Signals, strengths and risks for Deposit Franchise

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Signals, strengths and risks for Lending Advantage

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Signals, strengths and risks for Capital Strength

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Signals, strengths and risks for Cost Discipline

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Signals, strengths and risks for Revenue Diversification

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Signals, strengths and risks for Risk Management

Where FUNC ranks in Banks - Regional

First ranks #88 of 393 scored companies in Banks - Regional by moat score — the top 22%. The widest moat in the group is 1st Source Corporation (SRCE) at 86/100.

# Company Moat score Rating
84 Burke & Herbert Financial Servi BHRB 66/100 Moderate
85 First FCF 65/100 Moderate
86 MetroCity Bankshares, Inc. MCBS 65/100 Moderate
87 Fidelity D & D Bancorp, Inc. FDBC 65/100 Moderate
88 First FUNC 65/100 Moderate
89 NorthEast Community Bancorp, In NECB 65/100 Moderate
90 PNC Financial Services Group, I PNC 65/100 Moderate
91 Tectonic Financial, Inc. - 9.00 TECTP 65/100 Moderate
92 Third Coast Bancshares, Inc. TCBX 65/100 Moderate

See every Banks & Lenders company ranked by moat score →

How FUNC scores on the Bank Specialized defenses

Deposit Franchise

Score 61 · 22% of the moat score

A deposit franchise is the cheapest and most valuable thing a bank can own.

Lending Advantage

Score 68 · 18% of the moat score

Lending advantage is the ability to originate loans at attractive spreads without buying that volume with looser credit standards.

Capital Strength

Score 58 · 20% of the moat score

Capital is the buffer between loan losses and insolvency, and it is what regulators judge a bank on first.

Cost Discipline

Score 61 · 16% of the moat score

Banking carries high fixed costs in branches, compliance and technology, so what it costs to run the bank relative to what the bank earns is a genuine competitive variable.

Revenue Diversification

Score 73 · 14% of the moat score

A bank earning everything from net interest income is a leveraged bet on the rate cycle.

Risk Management

Score 75 · 10% of the moat score

Risk management is the defense that only reveals itself late.

How each Bank Specialized defense is measured, in full →

Understanding FUNC's moat

What is First's moat score?

First (FUNC) scores 65 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #88 of 393 scored companies in Banks - Regional, the top 22%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 399 companies in Banks - Regional. Its strongest defense is Risk Management (75/100) and its weakest is Capital Strength (58/100).

How does First compare with other Banks - Regional companies?

First ranks #88 of 393 scored companies in Banks - Regional by moat score. The widest moat in Banks - Regional is 1st Source Corporation (SRCE) at 86/100. The companies ranked closest are Fidelity D & D Bancorp, Inc. (FDBC) at 65 just above it and NorthEast Community Bancorp, In (NECB) at 65 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Bank Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 399 companies in Banks - Regional. The defenses are then weighted to produce the overall score out of 100.

Why is First scored with the Bank Specialized template?

A bank does not sell a product at a margin. It funds itself, lends at a spread, and books profits that remain an estimate until the loans are actually repaid. That makes the usual margin-and-return questions misleading, so the Bank template scores what really determines a bank's durability: where its funding comes from, what it lends against, how much capital stands behind it, and whether it has been pricing risk honestly.

Which competitive defenses are measured for First?

The Bank Specialized template measures 6 defenses, and FUNC scores: Deposit Franchise (61), Lending Advantage (68), Capital Strength (58), Cost Discipline (61), Revenue Diversification (73), Risk Management (75). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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